South Korea plans to manufacture 1.2 million electric, plug-in hybrid and fuel-cell vehicles by 2015 in a restless effort for emission reduction.
As part of the Governmen’s plan, made public in September, the country will export 900,000 vehicles in its attempt to raise the domestic market share up to 21% by 2015, according to an e-mailed statement from the Ministry of Knowledge Economy and the Ministry of Environment.
The South Korean automotive companies, like Hyundai Motor Co., Kia Motors Corp., GM Daewoo Auto & Technology Co. and Renault Samsung Motors Co, may invest a roughly 3.1 trillion won ($2.7 billion) in technologies for electric, plug-in hybrid and fuel-cell vehicles in the next five years starting with 2011.
The second-largest car manufacturer in south Korea, Kia, lined up 2,000 electric vehicles to be made, whereas Hyundai has planned to manufacture 500 BlueOn electric cars by the end of 2012, the Seoul-based companies had stated in September.
According to the September statement, 1 million electric vehicles will be produced by 2020 and the Government may give alluring tax breaks to buyers starting 2012.